While we will have to wait another month or so to see the official results, today’s data releases of both the ZEW Survey (red line) and European Industrial Production (dark blue line) do not bode well for Europe’s Q3 GDP (light blue line) release: On...
Industrial production in the US came in below expectations for the month of August (-0.1% vs consensus estimate of 0.3%) and Capacity Utilization fell to a six month low . Meanwhile, the Empire State Manufacturing Survey surged past expectations for the September (27.5 vs consensus...
With the disappointing May industrial production numbers for Italy (-1.2% MoM) and France (-1.7% MoM) out today, we thought we would try and place them in a simple historical and global context. In the charts below, we are looking at industrial production of major developed...
US industrial production rose by 0.7% in March vs consensus expectations of a 0.4% gain in March. This is even more impressive as February monthly gain was revised up from 0.6% to 1.2%. The 3-month % change, annualized, is now at nearly 7%. This is...
Today saw the release of Japanese industrial production, the Markit Manufacturing PMI, and housing starts. Unfortunately this latest package of data does little to alter the ongoing trend of a deteriorating Japanese economy. Indeed, industrial production saw the largest one month drop since the earthquake...
The CPB Netherlands Bureau for Economic Policy Analysis publishes a monthly report called ”World Trade Monitor”. This report tries to quantify the seemingly unquantifiable; world industrial production and world trade volume and prices. Either later today or early next week the CPB should come out...
We have noted before the strange divergence between the JOLTS employment data and the monthly nonfarm payroll employment data before. The latest JOLTS data indicates that this spread is closing. In other US economic news, industrial production rose 0.3% MoM in November, in line with...
Important survey data out of Europe today points to a growing disparity between the region’s two largest economies....
Industrial production rose 1.1% in November, a much stronger gain than forecasters had expected (consensus was for 0.6% gain). The stronger gain in November to took the overall level of industrial production above 2007 highs for the first time. While Utilities helped to push industrial...
Contrary to an upbeat PMI Manufacturing report earlier last week and expectations for a 1%+ gain, Industrial Production in the Eurozone fell more than 1% compared to the previous month and remained barely positive when compared to last October: The decline was broad-based, affecting all...
Industrial production (yoy) in Sweden fell for the seventh straight month in October: While stock price performance of MSCI Sweden Industrials has not been as bad as in some other sectors, the abundance of (deteriorating) trading ranges in our point-and-figure methodology is probable cause for...
With the notable exceptions of Spain and France, survey data released for Europe’s manufacturing sector were largely positive– a continuation of a trend that began earlier this year: This would seem to indicate an increased likelihood of stronger industrial production data in the coming weeks:...
Two important indicators for US manufacturing were released this morning and both pointed to a continuation of the ”muddle through” pace of growth in the US. Empire Manufacturing index was below expectations at -2.2 (vs expectations of 5.5). The employment component also showed a slowdown...
Is today’s positive surprise in Italian Business Confidence (97.3 versus 96.3 expected) foreshadowing a strong rebound in industrial production? We will find out in just a couple of weeks (November 11th)....
The Pending Home Sales Index has been running quite a bit hotter than the Existing Home Sales Index since late 2011. This month’s report cooled that trend somewhat. The Pending Home Sales Index surprised on the downside in September. The consensus expectation was for no...
